Former CIA employee Edward Snowden, known for exposing the NSA's mass surveillance practices, delivered a speech at "Bitcoin 2024" in Nashville, Tennessee, addressing critical issues related to political aspects and privacy concerns of cryptocurrency.
He also provided guidance on voting for crypto-supportive candidates in the upcoming U.S. presidential election.
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Caution Against Joining Political Cults While Voting
As the 2024 U.S. presidential election approaches, the stance of candidates on cryptocurrencies is becoming a significant focal point.
Snowden emphasized the importance of participating in the voting process but warned against becoming zealots for political candidates.
He pointed out that while many candidates seek to gain favor with the crypto community, it is crucial for voters to maintain their independence and not devote themselves entirely to any candidate's personal agendas or values.
Privacy Risks in Cryptocurrency
In his keynote speech, Snowden highlighted the privacy risks associated with Bitcoin. Initially known for its high level of anonymity, Bitcoin transactions now mostly occur through regulated exchanges, compromising its anonymous nature.
Snowden warned that this shift poses significant risks to individual privacy.
If they have your transaction history, they can infer your life history," Snowden explained.
They can know what you read, what you buy, who you send money to, who you politically support, and where you donate. They can deduce your thoughts and affiliations.
Changing Dynamics with Advances in Machine Learning
Snowden discussed how the costs of organizing and analyzing collected data used to hinder extensive surveillance, but advancements in machine learning are changing this dynamic.
These models can now efficiently analyze vast amounts of data, making extensive surveillance more feasible.
While there is no concrete evidence of such privacy invasions currently happening, Snowden believes that such practices are already in place. He warned that freely available blockchain data could be exploited using machine learning.
Additionally, he noted that regardless of whether one is liberal or conservative, any prominent figure could be considered atypical or abnormal, attracting surveillance.
Snowden predicted that data collection and analysis would start within three years and become routine within five to ten years.
Importance of Addressing Privacy Issues in Cryptocurrency
Privacy risks related to cryptocurrencies have been a growing concern for years. In response, several projects focusing on encryption technologies to protect user privacy have emerged.
As cryptocurrencies gain broader adoption, addressing these privacy issues swiftly will become increasingly critical.
For more details on Snowden's speech, you can watch the video below.
What Snowden said can be seen in the video below.
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